A special team tasked with tracking down property belonging to Golden Key Company (GKC) director Mrs S. P. C. Kotelawala has acquired a land valued at Rs. 500 mn, situated at Fonseka Road, Colombo 04.

Acquiring of the land was carried out on a directive given by Supreme Court.

Authoritative sources told The Island that parallel to the revival of the management of the GKC, a separate operation had been launched to swiftly identify personal assets including shares belonging to prominent GKC officials, as they have violated bail conditions as per Supreme Court and High Court Orders relevant to them.

Sources said that targeted assets included both moveable and immovable properties the aforesaid persons had alienated, sold, transferred or gifted on or after June 30, 2008. The GSK collapsed six months later.

Having informed the Supreme Court, the special team would take steps to transfer seized property to GKC for appropriate action, sources said.

The team is headed by a DIG appointed by IGP N K. Illangakoon, in consultation with Defence Secretary Gotabhaya Rajapaksa, two senior Central bank officials, nominated by Governor Ajith Nivard Cabraal, a military intelligence officer, a senior State Counsel and a senior officer from the Urban Development Authority.

The Island learns that the GKC would have to meet the operational costs of the ongoing hunt for property belonging to ex-directors.